By the Division of Banks


BOARD OF BANK INCORPORATION

Approvals

East Cambridge Savings Bank, Cambridge, Massachusetts - permission to establish a mutual savings bank in conjunction with its multi-step reorganization into a mutual holding company, 1854 Bancorp. The continuing bank will operate under the name East Cambridge Savings Bank – approved March 12, 2013.

The Savings Bank, Wakefield, Massachusetts – permission to establish a mutual savings bank in conjunction with its multi-step reorganization into a mutual holding company, Wakefield Bancorp, MHC, with a mid-tier holding company, Wakefield Bancorp, Inc. The continuing bank will operate under the name The Savings Bank – approved March 12, 2013.

DIVISION OF BANKS

Decisions

Alden Credit Union, Chicopee – notice to establish branch offices within Big Y supermarkets at (1) 650 Memorial Drive, Chicopee; and (2) 44 Willimansett Street, South Hadley – approved March 7, 2013.

AllCom Credit Union ("AllCom"), Worcester and Worcester Postal Credit Union ("Worcester Postal"), Worcester – permission to merge under the charter, by-laws and name of AllCom. The main office of AllCom would remain the main office of the continuing credit union and the sole banking office of Worcester Postal would be retained as a branch office – approved March 26, 2013.

Berkshire Bank, Pittsfield, Massachusetts – permission to close its branch office located at 230 South James Street, Rome, New York – approved March 8, 2013.

East Cambridge Savings Bank, Cambridge – permission to reorganize into a mutual holding company, 1854 Bancorp, in a multi-step transaction – approved March 12, 2013.

Eastern Bank, Boston – permission to close a branch office located at 1313 Belmont Street, Brockton – approved March 15, 2013.

Newburyport Five Cents Savings Bank, Newburyport – permission to establish a branch office at 1400 Lafayette Road, Portsmouth, New Hampshire – approved March 25, 2013.

Rockland Trust Company, Rockland – permission to close its branch office located at 16 East Washington Street, North Attleboro – approved March 8, 2013.

Rockland Trust Company, Rockland – permission to relocate its branch office from 249 Linden Street, Fall River to 175 New Boston Road, Fall River – approved March 21, 2013.

South Shore Bank, Weymouth – notice to establish a branch office at 99 South Street, Hingham – non-objection issued March 7, 2013.

The Savings Bank, Wakefield – permission to reorganize into a mutual holding company, Wakefield Bancorp, MHC, with a mid-tier holding company, Wakefield Bancorp, Inc. in a multi-step transaction – approved March 12, 2013.

Applications/Notices Pending

Belmont Savings Bank, Belmont – notice to establish a branch office within Star Supermarket at 699 Mt. Auburn Street, Cambridge, MA. Filed March 4, 2013.

Belmont Savings Bank, Belmont – notice to establish a branch office within Shaw’s Supermarket at 33 Austin Street, Newton. Filed March 4, 2013.

Berkshire Bank, Pittsfield, Massachusetts – permission to relocate its branch office from 68 South Street, West Hartford, Connecticut to 927 Farmington Avenue, West Hartford, Connecticut. Comment period ended March 15, 2013.

Berkshire Bank, Pittsfield, Massachusetts – permission to close its branch office located at 105 Threet Industrial Road, Smyrna, Tennessee. Comment period ended March 22, 2013.

Boston Private Bank & Trust Company, Boston, Massachusetts – permission to close its branch offices located at (1) 10885 Northeast 4th Street, Suite 100, Bellevue, Washington; (2) 7535 164th Avenue NE, Redmond, Washington; and (3) 601 Union Street, Suite 3030, Seattle, Washington. Filed March 19, 2013.

Bristol County Savings Bank, Taunton – notice to establish a branch office at One Chase Road, East Freetown. Filed March 15, 2013.

Crescent Credit Union ("Crescent"), Brockton and Brockton Postal Employees Credit Union ("Brockton Postal"), Brockton – permission to merge under the charter, by-laws and name of Crescent. The main office of Crescent would remain the main office of the continuing credit union and the sole banking office of Brockton Postal would be closed within 120 days of the merger. Comment period ends April 1, 2013.

Enterprise Bank and Trust Company, Lowell – permission to establish a branch office at 86-88 Main Street, Nashua, New Hampshire. Filed March 20, 2013.

Fidelity Management Trust Company, Boston – permission to convert from a state-chartered trust company to a limited purpose trust company. Comment period ends May 3, 2013.

Haverhill Bank, Haverhill – permission to establish a branch office at 396 Main Street, Salem, New Hampshire. Filed March 19, 2013.

Hoosac Bank ("Hoosac"), North Adams and South Coastal Bank, Rockland – permission to merge under the charter and by-laws of Hoosac Bank and under the name of MountainOne Bank. The main office of Hoosac will remain the main office of the continuing institution and the banking offices of South Coastal Bank would be retained as branch offices of Hoosac. Comment period ends April 24, 2013.

New Bedford Credit Union, New Bedford – permission to amend its by-laws to expand the associations which qualify persons for membership. The amendment relative to membership eligibility proposes to add membership for persons who live, work or attend school in Barnstable, Bristol or Plymouth Counties in Massachusetts and the towns of Little Compton and Tiverton in Newport County, Rhode Island and family members of such persons. Related definitions and other changes are set out in the proposed by-law. Comment period ended December 28, 2012.

Northern Massachusetts Telephone Workers Community Credit Union, Lowell – notice to establish a branch office at 19 Haverhill Road, Amesbury. Filed March 14, 2013.

Premier Source Credit Union, East Longmeadow – permission to close its branch office located at 443 Shaker Road, East Longmeadow. Comment period ends April 1, 2013.

Stoneham Savings Bank, Stoneham – permission to close its branch office located at 443 Charles Street, Malden. Comment period ends April 1, 2013.

Webster Five Cents Savings Bank, Webster – permission to close its branch office located at 349 Grafton Street, Worcester. Comment period ends April 12, 2013.

Wellesley Bank, Wellesley – notice to establish a branch office at One Federal Street, Boston. Filed March 21, 2013.

APRIL 2013 FILING DATE

Complete applications for the April Activity Report must be received by the Division or the Board on or before 5:00 P.M., Tuesday, April 16, 2013.

COMMUNITY REINVESTMENT ACT DESCRIPTIVE RATINGS AND EVALUATIONS
WHICH BECAME PUBLIC DURING THE MONTH

The following state-chartered banks and credit unions and licensed mortgage lenders have Community Reinvestment Act descriptive ratings and evaluations describing the basis for the rating issued by the Division of Banks. The ratings, as set out in statute, for a bank's or credit union's record of meeting community credit needs are: Outstanding ("O"); High Satisfactory ("HS"); Satisfactory ("S"); Needs to Improve ("NI"); and Substantial Noncompliance ("SNC"). Licensed mortgage lenders are also assigned one of these ratings to describe their record of meeting the mortgage credit needs in the Commonwealth of Massachusetts.

A consolidated list of all ratings can be found at  

Bank/Credit UnionRatingDate of Examination

Clinton Savings Bank

S

10/15/12

Everett Co-operative Bank

S

10/15/12

Jeanne D’Arc Credit Union, Lowell

O

09/10/12

Leominster Credit Union

S

02/06/12

CHECK CASHER LICENSES

Applications Pending

Lowell Variety Store Inc. d/b/a 4 M’s Variety, Lowell – permission to operate a check casher office at 271 School Street, Lowell. Comment period ended March 14, 2013.


REGULATIONS

Proposed amendments to 209 CMR 18.00: CONDUCT OF THE BUSINESS OF DEBT COLLECTORS AND LOAN SERVICERS and 209 CMR 56.00: RIGHT TO CURE A MORTGAGE DEFAULT remain pending. Additional updates will be posted on the Division’s website at www.mass.gov/dob.


BANK AND CREDIT UNION APPLICATION PROCESS TIMING

As a general rule, applications by banks and credit unions other than those that are subject to a review period set out in statute are intended to be processed and completed within the monthly cycle for which the bank and credit union applies. That review period for such processing is approximately 45 days or less from the date the application is filed with the Division. A decision on the application is generally issued within 5 business days after the review period is completed. The decision then will be reported on the monthly Activity Report for the month in which the decision was issued. The timing of the overall review process including the issuance of a decision and the listing on the monthly Activity Report will be dependent on the applicant’s compliance with all statutory, regulatory and administrative requirements. Applications before the Massachusetts Board of Bank Incorporation are subject to separate timing schedules as set out in the applications of the Board.


PLEASE NOTE: All publications of the Division of Banks are now delivered electronically. To subscribe, simply send an email to:

dobactivityreport-subscribe@listserv.state.ma.us

If you need assistance or have questions, please contact Bernard N. Waxman at 617-521-7581.


For information relative to current Activity Reports please contact the Consumer Assistance Unit.